In the fires 4 years ago, I saw many people buy a less expensive home to live in while they were rebuilding, then keep it as a rental investment once they moved into their new home. Of course, the market then was not what it is now. The home they bought for investment had gone up quite a bit in value in the time it took to rebuild their original homes.
It will be interesting to see what exactly happens with our inventory and the relocation of the fire victims.
Secondly, if you have little, to no, equity in your home and it burns down. Your insurance check will go to pay the bank first. After you pay off the note, how much are you left with? Will they have enough for a down payment? Also as San Diegians, they know the state of the market. I dont think they are in a hurry to purchase a home in the current market.
I hope no one misunderstands, and thinks that I am trying to "make a buck" out of another's tragedy. I just am commenting that I find it a curious difference in a similar situation. Especially since there are really more "bargains" out there than the last time around.
Firestorm 2007 Relief Package
With Fires sweeping across the San Diego area and thousands of families displaced by the loss of their homes, HouseRebate.com has reached out a hand to relieve some of the loss and assist San Diego real estate owners in returning to their normal lives. While worrying about the loss of all of their possessions, San Diego real estate owners are suffering from the added concerns of finding secure housing for their families. â€œMy family and the families of the employees of HouseRebate.com live in this community. We are devastated to see the toll that the San Diego county fires have taken on the lives of the people around us. It is with this mission that everyone at HouseRebate.com gathered together to help those effected by the San Diego county fires,â€œ notes Brian Yui, founder and CEO of SanDiego.HouseRebate.com.
On Friday, HouseRebate mobilized efforts to reinforce San Diego real estate owners need to find secure homes for their families by presenting their Firestorm 2007 Relief package designed specifically for San Diego home owners affected by the San Diego county fires. The Firestorm 2007 Relief package outlines the intention of HouseRebate.com to rebate 50% of its commission to any San Diego county fire victims needing to purchase a replacement home through HouseRebate.com. The loss of a lifetime of possessions in a disaster such as the San Diego county fires is catastrophic enough that most people can not even contemplate the next step. â€œThe overwhelming reality on the other side of Firestorm 2007 is that thousands of families will not have a secure place to start again. HouseRebate.com will step forward to aid those families with a rebate of up to rebate 50% of their commission. On the purchase of a $750,000 home, this could mean more than $11,250 for them to begin rebuild their lives and replace their possessions,â€ states Yui about the Firestorm 2007 Relief package.
In this innovative measure unmatched by any real estate company in the San Diego real estate market, HouseRebate.com is pushing forward to help survivors of Firestorm 2007 start to rebuild their lives in the wake of San Diego county fire disaster. By helping San Diego real estate owners in their pursuits of a safe place to call home, the Firestorm 2007 Relief package by HouseRebate.com will help Firestorm 2007 victims begin a normal life in their new San Diego homes.
If your home was destroyed or partially destroyed by the San Diego Firestorm 2007, HouseRebate.com will increase its rebate to 50% vs. the standard 33% to assist you with securing your new home in San Diego.
This rebate can be used to assist you in replacing your furniture, t.v.â€™s and household goods.
Just call us at 1-888-836-5675 and we will assist you in finding that replacement home as soon as possible.
This offer is good through March 31, 2008.
SBA procedure is to authorize loan approval "as if " the home is to be rebuilt or repaired. The relocation request is usually considered after original loan approval through a "loan modification"
Some little know facts about SBA disaster relocation loans: 1) The interest rate is commonly 2.937% fixed (in most cases) for the SoCAl Fire victims. 2) SBA loans may be placed in second position (if approved by SBA) behind new first loans for relocation purchases.